A national survey on MBA graduates' employability report mentions that the hiring levels are very low. National Employability Report - MBA Graduates, Annual Report 2012 is the source for that.
It cites a low employability of MBA graduates across specializations. Nearly 2.14 lakh students have applied for 3500 seats through CAT this year, which is just a small chunk of the huge capacity of management education in the country. While millions put their future at stake, there is an urgent need to audit whether we are training industry-ready individuals. This is truly a challenging time for the MBA graduates. 
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